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Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 780 units @ $80.00 per unit 490 units @ $77.00 per unit 290 units @ $62.00 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 890 units @ $110.00 per unit 280 units @ $85.00 per unit 680 units @ $81.00 per unit 1,040 units @ $110.00 per unit 1,930 units 2,520 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Answer is complete and correct. Cost of goods available for sale Number of units available for sale 196,990 2.520 units 2. Compute the number of units in ending inventory. Answer is complete and correct. Ending inventory 590 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. For specific identification units sold consist of 780 units from beginning inventory, 210 from the February 10 purchase, 290 from the March 13 purchase, 140 from the August 21 purchase, and 510 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) Answer is not complete. (a) FIFO LIFO Weighted average Specific identification Ending Inventory 47,790 47,200 46,120 (d) 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) Answer is not complete. FIFO L IFO Specific Identification $ 212,300 $ Sales Less: Cost of goods sold Gross profit 212,300 47,790 X 164,510 Weighted Average $ 212,300 46,120 X $ 166.180 $ 212,300 47,200 X $ 165,100 $ $ 212 300

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